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July 19, 2017

Are VCs shifting to B2B in 2017? - ET Now Startup Central with Dev Khare, Lightspeed

ET Now’s Startup Central show featured Venture Intelligence data on Quarterly and Half Yearly VC Investments in 2017. Dev Khare, Managing Director, Lightspeed India was a special guest on the show sharing some of the firm’s perspective on the recent trends




Venture Intelligence is India's longest serving provider of data and analysis on Private Company Financials, Transactions (private equity, venture capital and M&A) & their Valuations in India.

State of realty: Rotten foundations? Yes; Unreal expectations? No

An International Business Times article by Ravi Menon, covering the effect of recent regulations on Indian Real Estate, quotes Venture Intelligence data on Private Equity investments in the sector:
Private equity (PE) players may still not buy into the realty gloom story. PE funds have put in $2.5 billion across 29 deals in real estate in the first half (H1) of 2017, which is 61 per cent higher than the corresponding period of 2016, according to data collated by Venture Intelligence. That points to robust optimism ruling the residential market. But there is a catch. Only half of the deals closed in H1 are residential and the rest are commercial, unlike two years ago, when 100 per cent of the deals were residential.

Venture Intelligence is India's longest serving provider of data and analysis on Private Company Financials, Transactions (private equity, venture capital and M&A) & their Valuations in India.

July 18, 2017

Shriram-IDFC deal to give investors exit option: Business Standard

A Business Standard article quotes Venture Intelligence data on Private Equity investments and exits in Shriram Group, which is in talks with IDFC for a potential merger.
"The group firms have attracted an investment of $1.08 billion infused by 17 PE players over a period of 12 to 15 years. This is excluding the strategic investments, including Piramal and Sanlam, and debt investments.
According to Venture Intelligence data, Shriram City Union Finance raised $550 million from a number of PE players including Norwest, ChrysCapital, Merrill Lynch, CPIM Funds, ICICI Venture, Bessemer, and Apax Partners.
According to Venture Intelligence data, there were 17 exits — both complete and partial — from SCUF between June 2008 and July 2016. These have brought back a return multiple ranging from 1.91x for ICICI Venture to 4.97x for Norwest Venture Partners. STFC has seen a complete exit of TPG Capital for a return multiple of 6.05x in May 2013 and three partial exits by ChrysCapital and TPG Capital before this. ChrysCapital has seen the highest return multiple in two partial exits, compared to the other exits across the group, at 10.7x and 8.78x."


Venture Intelligence is India's longest serving provider of data and analysis on Private Company Financials, Transactions (private equity, venture capital and M&A) & their Valuations in India.

July 17, 2017

AZB & Partners tops Legal Advisor League Table for M&A deals in H1’17

Shardul Amarchand Mangaldas, Vaish Associates claim the No.2 & No.3 slots


AZB & Partners topped the Venture Intelligence League Table for Legal Advisors to M&A Transactions during the first six months of 2017. AZB & Partners advised M&A deals worth $14.4 Billion (across 24 qualifying deals) during the period. Shardul Amarchand Mangaldas ($13 Billion across 10 deals) and Vaish Associates ($12.5 Billion across 2 deals) followed next. S&R Associates ($12.4 Billion across 5 deals) occupied the fourth spot while Bharucha & Partners and Slaughter May shared the fifth spot for H1 2017. All the top five firms were involved in the Vodafone-Idea merger deal.

The Venture Intelligence League Tables, the first such initiative exclusively tracking transactions involving India-based companies, are based on value of PE and M&A transactions advised by Transaction and Legal Advisory firms.

AZB advised deals during the period included the sale of Tikona’s 4G business to Bharti Airtel and the Havells-Lloyds Electrical & Engineering deal. AZB also advised the sale of $587 million stake in Tata Motors by Tata Steel (to Tata Sons). Transactions advised by SAM included the $275 million acquisition of a majority stake in Aegis BPO by Private Equity fund Capital Square Partners and the Tikona-Bharti Airtel deal. Vaish Associates also advised the Denstu Aegis acquisition of SVG Media.

AZB topped the tables in terms of deal volume during H1’17, while Khaitan & Co. (18 deals worth $1.2 Billion) and HSA Advocates (11 deals worth $465 million) accounted for the top 3 slots  by activity. Cyril Amarchand Mangaldas (10 deals worth $693 million) finished the half year at fourth spot while SAM took the fifth spot.

The full league tables can be viewed online at http://www.ventureintelligence.com/leagues.php

Venture Intelligence is India's longest serving provider of data and analysis on Private Company Financials, Transactions (private equity, venture capital and M&A) & their Valuations in India.

AZB & Partners tops Legal Advisor League Table for PE deals in H1’17

Cyril Amarchand Mangaldas, Khaitan & Co. claim the No.2 & No.3 slots


AZB & Partners topped the Venture Intelligence League Table for Legal Advisor to Private Equity Transactions during the first six months of 2017. AZB advised PE deals worth $4.8 Billion (across 36 qualifying deals) during the period. Cyril Amarchand Mangaldas ($3 Billion across 27 deals) and Khaitan & Co. ($1.5 Billion across 17 deals) followed next. Shardul Amarchand Mangaldas ($1.1 Billion across 10 deals) and S&R Associates ($555 million across 8 deals) completed the top five for H1’17.

The Venture Intelligence League Tables, the first such initiative exclusively tracking transactions involving India-based companies, are based on value of PE and M&A transactions advised by Transaction and Legal Advisory firms.

AZB advised deals include Carlyle’s $955 million investment in PNB Housing and the $952 million investment by investors including KKR in Bharti Airtel. Transactions advised by CAM included the $1.4 Billion investment in Flipkart by Microsoft, Tencent, and eBay and the $250 million investment in Phoenix Mills by Canada Pension Plan Investment Board(CPPIB). Transactions advised by Khaitan & Co. included the $383 million stake sale in ICICI Lombard by Fairfax Holdings to Warburg Pincus and the Phoenix Mills - CPPIB deal.

AZB topped the tables in terms of deal volume, while CAM and Khaitan & Co. came in next. With 15 deals each, Indus Law and Vertices Partners occupied the fourth spot. J Sagar Associates (14 deals) claimed the fifth spot. 

The full league tables can be viewed online at http://www.ventureintelligence.com/leagues.php

Venture Intelligence is India's longest serving provider of data and analysis on Private Company Financials, Transactions (private equity, venture capital and M&A) & their Valuations in India.

CPPIB grabs pole position for PE investment: Business Standard

A Business Standard article quotes Venture Intelligence data on the top PE investors in India in H1 2017.
In seven years, Canada Pension Plan Investment Board (CPPIB) has transformed itself from a passive investor in India to the largest private equity (PE) investor. It has invested over $1.5 billion in the past six months.
It is followed by Japanese firm SoftBank and US-based PE giant Warburg Pincus which invested $1.4 and $1.1 billion, respectively, in this period.


Venture Intelligence is India's longest serving provider of data and analysis on Private Company Financials, Transactions (private equity, venture capital and M&A) & their Valuations in India.

July 13, 2017

Axis Capital Tops Transaction Advisor League Tables for M&A Deals in H1 2017

Kotak, UBS Securities take no.2 and no.3 slots; EY tops inclusive of due diligence services



Axis Capital topped the Venture Intelligence League Tables for Transaction Advisor to M&A deals for H1 2017 advising M&A deals worth $12.7 billion (across three qualifying deals) followed by Kotak ($12.6 billion across three deals) and UBS Securities ($12.5 billion across two deals).

The Venture Intelligence League Tables, the first such initiative exclusively tracking transactions involving India-based companies, are based on value of PE and M&A transactions advised by Transaction and Legal Advisory firms.

The biggest M&A deal in 2017, the Idea Cellular – Vodafone merger involved the top 3 firms as well as firms such as Morgan Stanley, Robey Warshaw and Rothschild who occupy the fourth slot.

Axis Capital advised M&A deals also included the buyout of Aegis BPO by Capital Square Partners. Kotak advised deals also included the acquisition of auto component manufacturer Sono Koyo Steering Systems by JTEKT Corporation and the Ingenico acquisition of payments firm TechProcess Solutions. UBS Securities also advised the Inox Renewable wind farm sale to Leap Green Energy. EY ($1.6 billion across eight deals) completed the List of Top 5 for H1 2017.
Inclusive of its roles in due diligence and related advisory activities, EY topped the League Table advising 24 M&A deals worth $28.1 billion in H1’17. Axis Bank, Kotak and UBS occupied the second, third and fourth spots while Deloitte ($12.5 Billion across 4 deals) occupied the fifth spot. EY also grabbed top spot by number of deals followed by KPMG which advised 8 deals.

The full league tables can be viewed online at http://www.ventureintelligence.com/leagues.php

Venture Intelligence is India's longest serving provider of data and analysis on Private Company Financials, Transactions (private equity, venture capital and M&A) & their Valuations in India.

July 12, 2017

ICICI Securities Tops League Table for Financial Advisor to Private Equity Transactions in H1 2017

Veda Corporate Advisors & o3 Capital top by deal volume; EY tops table inclusive of due diligence & other services

 Venture Intelligence PEVC, M&A League Tables

ICICI Securities claimed the top position in the Venture Intelligence League Table for Transaction Advisor to Private Equity deals in H1 2017 acting as financial advisor to the $383 million stake sale in ICICI Lombard General (by Fairfax Holdings) to investors including Warburg Pincus. Citi (which advised the $360 million Tata Technologies-Warburg Pincus deal)and Axis Capital ($275 million buyout of Aegis BPO by Capital Square Partners) registered the second and third spots respectively. 

The Venture Intelligence League Tables, the first such initiative exclusively tracking transactions involving India-based companies, are based on value of PE and M&A transactions advised by Transaction and Legal Advisory firms.

Deloitte ($250 million investment by CDPQ in a Realty JV with Piramal Enterprises) and Avendus ($208 million across four deals) completed the Top 5 list by value. Avendus advised deals were led by the $80 million Series C round raised by food delivery firm Swiggy.com and the $56 million investment in market research firm MarketsandMarkets.

Veda Corporate Advisors and o3 Capital topped the tables in terms of deal volume advising five deals each. Avendus, KPMG, Intellecap and IndigoEdge came in next advising four deals each.

Veda advised deals included the $15 million investment raised by facilities management firm Updater Services and the $10 million raised by Dr. Mohan’s Diabetes Clinic. o3 Capital advised deals include the $30 million raised by Continuum Wind Energy and $21 million raised by Nightingales Home Health Services.

Inclusive of its roles in due diligence and related advisory activities, EY advised deals with a value tag of $2.2 Billion (across a total of 21 deals) during H1’17. EY advised deals during the period included the $950 million investment in Bharti Infratel by CPPIB and KKR and the $250 million investment by Macquarie in Hindustan Power Projects (Formerly Moser Baer Projects). By deal count, KPMG came in second advising six deals worth $287 million including the $200 million investment in ReNew Wind Power.

Among Impact / Social Venture investments, Intellecap topped in terms of number of deals advised - four deals with a value tag of $44 million including the investment in Arohan Financial Services by Tano Capital and Aavishkaar.

The full league tables can be viewed online at http://www.ventureintelligence.com/leagues.php

Venture Intelligence is India's longest serving provider of data and analysis on Private Company Financials, Transactions (private equity, venture capital and M&A) & their Valuations in India.

July 11, 2017

How did PE/VC investors in AU Small Finance fare in the IPO?




Venture Intelligence is India's longest serving provider of data and analysis on Private Company Financials, Transactions (private equity, venture capital and M&A) & their Valuations in India.

July 10, 2017

Japan’s private investment in India tops $1 billion in first half of 2017: Japan Times

A Japan Times article quotes Venture Intelligence data on investment by Japanese firms in India:
Japanese firms invested at least $1.43 billion (about ¥163 billion) in Indian private equity and venture capital deals in the first half of 2017, more than triple the $459 million in 2016, according to data provided by Indian research firm Venture Intelligence. 
Telecommunications giant SoftBank Group Corp. accounted for $1.40 billion, or 98.9 percent, of the first-half sum with two large deals in the telecom sector. Six other deals were sealed with Japanese companies, ranging from marketing for agriculture and logistics to travel and wellness, the data showed.
In one of its two deals, SoftBank invested in One97 Communications Ltd., which operates India’s largest mobile payment and commerce platform under the Paytm brand. The remaining $30 million came from Mistletoe Inc., GREE Ventures Inc., Rebright Partners Ltd. and SoftBank, in partnership with other non-Japanese firms, in deals involving various Indian startups.
Japanese investors like RE.A.PRA Ventures Ltd. and asset management firm Asuka Holdings Inc., along with their partners, also invested undisclosed sums, according to the Chennai-based research firm that tracks private equity and venture capital investments in the country.
The Indian startups involved include agricultural marketing platform Ninjacart, logistics service platform Lets Transport, digital community platform for women POPxo, real estate service provider Property Share Online Platform Ltd., adventure travel startup Deyor Adventures Ltd., wellness startup Healthians and Balance Hero Co. that provides an app enabling prepaid mobile phone users to check their remaining credit balance.
According to the research firm, even the lesser known Japan-based investors such as Beenos Inc., Digital Garage Inc. and GMO Internet Inc. have shown a keen interest in Indian startups.

Venture Intelligence is India's longest serving provider of data and analysis on Private Company Financials, Transactions (private equity, venture capital and M&A) & their Valuations in India.

July 07, 2017

Karadi Finally on Right Path with Social VC Funding?

Business Line has a fascinating account of the travails faced by Chennai-based children's entertainment and education brand, Karadi Tales, in its search for strategic / financial partners.
Viswanath has been fire-fighting to keep afloat Karadi Tales (now a unit of Karadi Path), the company he and his wife Shobha founded in 1996. A distribution agreement with Times Music had landed them in court. And the merger with ACK Media (publishers of Amar Chitra Katha) and subsequent acquisition by Kishore Biyani’s Future Ventures didn’t pan out as expected. 
...The partnership (with Times Music) turned sour when there was a change in leadership at Times Music...When Viswanath cited the exit clause and asked for the agreement to be nullified, his partner refused to oblige and instead took him to court, which issued a stay order. Viswanath and his team, despite founding Karadi Tales, could no longer use the brand. “It took us two years to get out of the case,” says Viswanath, who also had to face an arrest warrant. Meanwhile, the company bled and went into debt. 
...Biyani’s Big Bazaar — the supermarket chain — was present across India and appeared an ideal vehicle to sell Karadi Tales audiobooks. It was heartening that Biyani had a vision for products such as Amar Chitra Katha and Karadi Tales. In an interview to a business daily, he had talked about using stories woven around mythology and culture to impart values to the young.But did the promoter’s vision trickle down to store managers and sales executives? “For those obsessed with turnover per square feet, Karadi Tales might not be priority when there are other faster-moving and higher-valued products on the shelf,” says Parasuram. 
Realizing the futility of doing "outsized partnerships", Vishwanath is now rebuilding Karadi with the help of two Social Venture Capital firms (also called as Impact Investors): Pearson Affordable Learning Fund (part of the British publishing major Pearson) and Aavishkaar.

Venture Intelligence is India's longest serving provider of data and analysis on Private Company Financials, Transactions (private equity, venture capital and M&A) & their Valuations in India.

July 04, 2017

Venture Capital investments dip 25% in Q2’17

At 78 deals worth $275 million, Q2 2017 is lowest quarter for VC investments in the last 3 years, Venture Intelligence data shows

Venture Capital investments slid to 78 deals worth $275 million during the three months ending June 2017. The investment activity in Q2’17 was 25% lower compared to the same period in 2016 (which witnessed 104 investments worth $309 million). The activity level was 7% lower compared to the immediate previous quarter (which witnessed 84 deals worth $349 million). 


IT & ITeS companies attracted 54 investments worth $180 million (69% of the activity pie) - down 33% compared to the same period in 2016. Top tech investments included e-commerce search software company Unbxd, insurance marketplace Coverfox, logistics tech company Fortigo and edtech company Unacademy. Financial Services firms – led by OneAssist and Ummeed Housing Finance- attracted 4 investments worth $25 million. 


Seed rounds witnessed a steep 53% fall in Q2 2017 to 22 transactions (compared to the 47 deals in Q2 2016).The Series A round (or First Round of institutional investments) was the only category to witness a rise, climbing 15% in Q2 2017 to 39 transactions, the Venture Intelligence analysis showed.






Venture Intelligence is India's longest serving provider of data and analysis on Private Company Financials, Transactions (private equity, venture capital and M&A) & their Valuations in India.

July 03, 2017

Private Equity investments up 62% to $5.4 Billion in Q2’17

Half year total hits record high of $11.3 Billion, Venture Intelligence data shows

3rd straight quarter of over $5 Billion in PE investments – a new record again

Private Equity firms invested about $5.4 Billion across 124 deals during the quarter ended June 2017, according to data from Venture Intelligence (http://www.ventureintelligence.com), a research service focused on private company financials, transactions and their valuations. The investment amount was 62% higher than the amount registered in Q2’16 (which had witnessed $3.3 Billion across 145 transactions) but 9% lower than the immediate previous quarter (which saw a record $5.9 Billion across 148 transactions). These figures take the total investments in the first six months of 2017 to a record $11.34 Billion (as against the $7.4 Billion across 335 companies in the same period last year and the previous record high of $10 billion in the second half of 2007). (Note: These figures include Venture Capital investments, but exclude PE investments in Real Estate.)

The largest investment reported during Q2’17 was the $1.4 billion investment by SoftBank in One 97 Communications, the parent company of mobile payments service Paytm. The latest quarter witnessed 10 PE investments worth $100 million – twice that during the same period last year. Canadian pension fund CPPIB as well global PE firm Warburg Pincus were also especially active during the period and joined SoftBank in the list of investors committing to invest over $1 billion in the first six months of 2017. 


“The most heartening factor about the record investment figures of 2017 is that it has been spread across a wide range of sectors,” noted Arun Natarajan, CEO of Venture Intelligence.  “While last year’s favorites of Financial Services of Infrastructure sectors continue to attract mega dollars, big ticket investments in new age companies like Paytm - along with facilitating healthy exits for early investors - have provided re-assurance that the E-Commerce story in India is far from over.”

On the back of mega investments in companies like Paytm, Tata Technologies and Aegis BPO, IT & ITeS companies accounted for 49% of the PE investment value pie in Q2’17 attracting almost $2.6 billion across 68 transactions. Led by the Warburg Pincus investment in ICICI Lombard, BFSI companies came in next attracting $689 million across 12 PE investments, followed by Logistics companies which attracted $536 million across four transactions (led by CPPIB’s $500 million investment in Indospace Core).

Venture Intelligence subscribers will be mailed the reports with more detailed analysis of the quarterly trends.

Venture Intelligence is India's longest serving provider of data and analysis on Private Company Financials, Transactions (private equity, venture capital and M&A) & their Valuations in India.

June 29, 2017

Paytm Karo! VC Exits harvest over $1-B in first half of 2017



2017 is on track to becoming the best year ever for Venture Capital exits in India. Thanks to mega cash exits worth $650 million from One 97 Communications (the parent company of mobile wallet service Paytm), VC investors have harvested over $1 billion via exits during the first six months of the year, data from the Venture Intelligence VC Deals Database shows.


The VC exit figures for H1'17 is comparable to the record highs in the first half of 2015 (which had witnessed large exits from companies like FreeCharge and TaxiForSure). Unlike the mega exits of 2015, which involved large stock swap components, the larger exits of 2017 are actual cash realizations.

SAIF Partners and Saama Capital, who first invested in One 97 / Paytm a decade ago, sold their stakes to the company's new investors (SoftBank and Alibaba Group respectively) to realize returns of 26 times and 75 times their invested capital respectively, the Venture Intelligence analysis shows. Matrix Partners India notched up two successful exits in the period - selling its stakes in online gaming firm ace2three.com (for 22x) and payments firm Itz Cash (for 3.19x).


The better VC exits of H1'17 typically happened through either the Strategic Sale or Secondary Sale (ie, acquisition by a new financial investor) routes. A positive feature of the exits has been the fact that the buyers have come from across the world - including China (Alibaba and Bytedance which acquired Franklin Templeton PE unit's stake in regional language news service, Newshunt); Japan (SoftBank); Europe (including London, UK-headquartered Dentsu Aegis Network which acquired digital media company SVG Media and Paris, France-based Ingenico which acquired payments firm TechProcess), US (Ebix which acquired the stakes of Matrix Partners India, Intel Capital and Lightspeed Ventures in ItzCash) and Canada (PE firm Clairvest which acquired Matrix Partners stake in ace2three.com).

(Click to Zoom)

In another Secondary Sale transaction, European Impact/Social VC investors Incofin and ResponsAbility jointly invested $20 million (approximately INR 130 crore) in Delhi-based agri-logistics and financing group Sohan Lal Commodity Management facilitating an exit for Everstone Capital, Mayfield, Nexus Ventures and the ICICI Bank-managed Emerging India Fund.

In the sole VC exit via the IPO route, investors in optical networking equipment firm Tejas Networks, realized between 2.3 times to 4.5 times their invested capital, after holding on to shares for between 7 and 15 years.

Media Coverage by the Mint:




Venture Intelligence is India's longest serving provider of data and analysis on Private Company Financials, Transactions (private equity, venture capital and M&A) & their Valuations in India.

June 22, 2017

Sanjiv Kaul continues multi-bagger pharma returns with Eris' IPO

A Business Standard article titled Sanjiv Kaul continues multi-bagger pharma returns with Eris' IPO, quotes Venture Intelligence data on ChrysCapital's exits in the pharmaceuticals space:
In 2015, Chrys Capital exited Mankind Pharma in a secondary deal worth $203 million to Capital International, getting 13 times return made on $24 million investment done in 2007.
A year prior to that it made over 17 times return by partially selling its investment in Ahmedabad-based Intas Pharmaceuticals for $131 million to Temasek Holdings. It made another exit from Intas this year at a return multiple of 4.6 times in a $106 million secondary deal to a bunch of buyers including Capital International. It had invested in Intas first in 2005 for $12 million and then had followed up with $57 million in 2012.


Venture Intelligence is India's longest serving provider of data and analysis on Private Company Financials, Transactions (private equity, venture capital and M&A) & their Valuations in India.

June 21, 2017

How did VC investors in Tejas Networks fare in the IPO?



Venture Intelligence is India's longest serving provider of data and analysis on Private Company Financials, Transactions (private equity, venture capital and M&A) & their Valuations in India.

June 15, 2017

For VC exits, it's a glass half full - Economic Times

Economic Times, leveraging Venture Intelligence Venture Capital data, talks about how the recent share sales in India's Internet giants like Flipkart and Paytm have provided a breather to VC firms.






 
Venture Intelligence is India's longest serving provider of data and analysis on Private Company Financials, Transactions (private equity, venture capital and M&A) & their Valuations in India.

Worst over, funding crunch eases for start-ups - Business Standard

Business Standard, based on Venture Intelligence VC Funding data and interviews with several entrepreneurs in the thick of funding raising, signals the end of the startup funding crunch. Extract:

Between April and May 2017, start-ups raised $538 million from 138 venture capital deals, marginally lower than the $565 million they raised from 200 deals during the same period in 2016. Money raised between April and May 2017 is almost similar to the money raised during the same period in 2014 ($536 million), and more than the money raised in 2013 ($416 million) and 2012 ($314 million). Start-ups raised $703 million in 2015 from 193 deals, according to data research firm Venture Intelligence.

...Suchi Mukherjee, founder and chief executive officer (CEO), Limeroad, says there is a definite movement in Series-A and B territory and in very large deal sizes, but  the market continues to be shallow in mid levels. ‘‘Those who were earlier playing at these stages continue to be wary. India needs some strong exits for real confidence to return,” she says.

Venture Intelligence is India's longest serving provider of data and analysis on Private Company Financials, Transactions (private equity, venture capital and M&A) & their Valuations in India.

June 01, 2017

Mobile Money in India: Does Digitalization Follow Demonetization? - K@W


Knowledge@Wharton quotes Venture Intelligence PE/VC Investments data as part of an article on the growth of mobile payments in India. Extract:
Venture Intelligence, which tracks private company financials, transactions (private equity, venture capital and M&A) and their valuations in India, says that its data shows that between 2013 and 2017, One97 Communications (Paytm’s parent company) got $360 million in funding. FreeCharge received $113 million, and MobiKwik $75 million. There were six deals in 2013; 11 in 2014; 24 in 2015; and six in 2016. The deal amounts — $14 million, $127 million, $251 million and $369 million for the four years respectively – show that the individual ticket sizes are getting larger.
“Mobile payment was a key area of interest to PE-VC investors in India even before demonetization. By making adoption of digital payments much more widely accepted, demonetization has only made the sector more attractive,” says Arun Natarajan, founder of Venture Intelligence. “However, given the rapid growth and hyper-funding of companies like Paytm, newer entrants have to demonstrate clearly differentiated offerings to convince investors.” (Prior to the payment bank licenses, mobile wallets came in categories which offered less operational flexibility and, thus, scope for differentiation.)

Venture Intelligence is India's longest serving provider of data and analysis on Private Company Financials, Transactions (private equity, venture capital and M&A) & their Valuations in India.

May 16, 2017

Forget Silicon Valley, this is the red-hot market US start-ups are flocking to: CNBC

In a special report for CNBC.com, Joel Dreyfuss leverages Venture Intelligence VC Deal Data to explain "Why many US start-ups are trying to crack the Indian marketplace". Extract:
"A number of big players have tackled the Indian market. Currently, online retailer Amazon is engaged in an epic battle with Flipkart, an Indian start-up that raised $1.4 billion in its last venture round in April. Ride-hailing service Uber is chasing India's Ola after giving up a solo bid in China and merging its assets there with rival Didi Chuxing.
The Indian market is far more open than China," says Arun Natarajan, CEO of Chennai-based Venture Intelligence, which tracks private equity and venture investment in the Indian market. "Companies from the U.S. and elsewhere don't have to do joint ventures to come in here."
.....India has its own expanding venture capital market. Venture Intelligence, which tracks VC investments in India (defined as $20 million or less), reported that Indian VCs made 405 such deals involving $1.4 billion last year.

Venture Intelligence is India's longest serving provider of data and analysis on Private Company Financials, Transactions (private equity, venture capital and M&A) & their Valuations in India.

Chinese, US tech companies re-energise Indian startups - Times of India

Times of India has an article showing how 2017 is seeing Strategic Investors replacing Hedge Funds  (the stars of 2015) as the key investors in Indian startups. Extract:
Funding led by corporates rose to $1.6 billion in the first four months of 2017, from just $510 million in the whole of last year, as per estimates by startup research firm Venture Intelligence. On the other hand, funding led by hedge funds peaked at $2 billion 2015, came down to $432 million last year and was $116 million in the first four months of this year. There is a similar drop in participation of family offices, pension funds and sovereign wealth funds.
Venture Intelligence is India's longest serving provider of data and analysis on Private Company Financials, Transactions (private equity, venture capital and M&A) & their Valuations in India.

May 15, 2017

Attractive Economics of Ace2three.com

VC investor Matrix Partners recoups investment amount just via an year's dividend!

Last month, when Canadian Private Equity investor Clairvest acquired a majority stake in online rummy focused gaming service Ace2three.com, Economic Times reported how the deal fetched Matrix Partners India an over 20 times return on its seven year old investment. 

Financials of Head Infotech Pvt Ltd, the Hyderabad-based company that operates Ace2three.com, available in Venture Intelligence's Private Company Financials (CFS) database, show the company made a Net Profit of over INR 62 Cr on a top line of about INR 169 Cr in FY16. The company has been maintaining this level of profitability - ie, 35% margins - for over five years now, even as it has grown rapidly (5 year CAGR of 80%)!


In fact, as recorded in the Venture Intelligence PE-VC Exit Deals Database, Matrix Partners realized its investment amount - of INR 7 crore made in 2010 - just via the dividend it received for FY'16!


Arun Natarajan of Venture Intelligence highlights these numbers as part of the ET-NOW Startup Central show:


Venture Intelligence is India's longest serving provider of data and analysis on Private Company Financials, Transactions (private equity, venture capital and M&A) & their Valuations in India.

May 07, 2017

Dalal Street rally cheers PEs looking to exit - Economic Times

An Economic Times article, leveraging Venture Intelligence data, shows how PE-backed IPOs have fared in the recent stock market rally. Extract:
According to data from PE and M&A data provider Venture Intelligence, 30 PE-backed companies listed on the bourses in the past two years — 16 in 2016-17 and 14 in FY16. Before that, only five, one and seven PE-backed companies listed during FY13, FY14 and FY15.  
Some of the top PE-backed companies that hit Dalal Street and gave their investors an exit include Bharti Infratel, Equitas Holdings, Laurus Labs, Bombay Stock Exchange, RBL Bank, Endurance Technologies, Ujjivan Financial Services, Parag Milk, Care Rating and Healthcare Global. These ten firms together have given $927 million, or about Rs 5,963 crore, of returns to their investors so far. 
Some investors continue to hold positions in a few of these companies while others have partially cashed out, Venture Intelligence data showed. In the past five years, PE investors saw exits worth $37.6 billion, of which those through M&As amounted to $20 billion, it said. 

Venture Intelligence is India's longest serving provider of data and analysis on Private Company Financials, Transactions (private equity, venture capital and M&A) & their Valuations in India.

May 03, 2017

VC Investments Fall to 22 Month Low in April

VC investments in April – at $125 million across 31 investments - marked a 22 month low in value terms. While the value of investments was down 20% compared to the same period last year, volume (or number of investments) was down by 6%. Compared to the previous month, value of investments was down by as much as 80% and volume fell by 18.4%. (Venture Capital is defined by Venture Intelligence as Seed Capital to “Series D”/Fourth round of investment of up to $20 million in companies that are less than 10 years old. The monthly analysis includes investments of over $20-M as well in tech startups that are less than 10 years old.)


April reported just 3 deals above $10M plus bracket compared to 11 deals in the previous month


Series A witnesses uptick amidst gloomy April

Venture Capital funds invested across 17 Series A deals up from 14 deals in the previous month. All other rounds were either flat or down.


Angel activity remains at low ebb. 

Angel investments finished the month with 21 deals. This was down by almost 50% compared to same period last year (which had witnessed 41 deals) and down by 25% compared to the previous month which saw 28 deals.



Venture Intelligence is India's longest serving provider of data and analysis on Private Company Financials, Transactions (private equity, venture capital and M&A) & their Valuations in India.